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Ministry of Housing making mandatory for developers and strata corporations to make minimum contingency reserve fund payments of 10% as of Nov. 2023


B.C. government raising payments for strata contingency reserve funds

CBC Staff
CBC Radio

The B.C. government is ushering in changes it says will help protect owners in strata developments at risk of higher insurance costs due to neglected maintenance needs.

As of Nov. 1, 2023, the minimum amount that developers and strata corporations must contribute to contingency reserve funds will be 10 per cent of the strata’s annual operating expenses instead of the current five per cent.

Contingency reserve funds are relied on for emergency expenses and maintenance work and are legally mandatory for strata corporations to maintain.

“The value of adequate contributions to the contingency fund and a well-implemented depreciation report for planning is critical in protecting a strata corporation’s assets and reducing the risk of future special levies,” said Tony Gioventu, executive director of the Condominium Home Owners Association of B.C., Tuesday in a statement.

According to the province’s Strata Property Act, owners of strata lots in a strata plan are members of that strata’s corporation. The corporation is responsible for managing and maintaining the property and assets, and its powers are exercised through a strata council.

There are approximately 34,000 strata corporations in the province, and according to the Ministry of Housing, Ravi Kahlon, most of them will not be impacted by the change.

Kahlon said a small number of strata corporations are underfunding their contingency funds and putting owners at risk of surprise fee hikes and insurance costs.

“While the vast majority of strata corporations are already meeting these requirements, we’re ensuring that those outliers are taking steps to protect themselves,” said Khalon.

The provincial government is also introducing changes to the Form B Information Certificate that discloses information about a strata and is often requested by potential buyers. As of April 1, 2023, that form must include a summary of the strata corporation’s insurance coverage.

“Everyone has a role to play in keeping the strata insurance industry in a healthy state, and that includes strata owners contributing enough to their contingency funds to ensure that their buildings are adequately maintained,” said Chuck Byrne, chief operating officer of the Insurance Brokers Association of B.C., in a prepared statement.

The B.C. government tabled legislation amending strata laws in 2020 to address the rising costs of strata insurance.

 

©2023 CBC/Radio-Canada. All rights reserved



B.C. had record spending on exploration in 2022


B.C. saw a record $740M spent on mineral exploration in 2022

Nelson Bennett
Western Investor

Mineral production in B.C. totalled $18 billion last year, also a new record

Teck Resources’ Highland Valley Copper mine near Logan Lake, about 50 minutes southwest of Kamloops, is the largest copper mine in Canada.KTW

British Columbia had record spending on mineral exploration in 2022 and there are eight new mines or mine expansions in the queue, Premier David Eby said Monday at the opening of the Association of Mineral Exploration (AME) Roundup conference in Vancouver.

Eby said there was $740 million spent on mineral exploration in B.C. in 2022 – a record – and mineral production in B.C. is also expected to be a record: $18.2 billion.

That’s a $4.3 billion increase over 2021. That increase in value over 2021 was largely due to high metallurgical coal prices, said Gordon Clarke of the BC Geological Survey’s development office. Steelmaking coal prices hit a high of US$670 per tonne last year, and remains relatively high at close to US$300 per tonne.

B.C. has seven operating metallurgical coal mines.

Eby said there was an 84% increase in copper exploration in 2022, much of that concentrated in northwest B.C. in the so-called Golden Triangle.

Copper is among the critical minerals identified in Canada’s new federal Critical Minerals Strategy as key to both the digital economy and the energy transition, and it’s one mineral B.C. has in relative abundance. B.C. is Canada’s biggest copper producer.

Jonathan Price, new CEO for Teck Resources (TSX:TECK.B), which operates the Highland Valley Copper mine, said the estimated global demand for copper will grow by 4.7 million tonnes by 2030, thanks to the increased demand from the energy transition and greater urbanization.

“To put that into perspective, Teck’s Highland Valley Copper mine here in B.C. is Canada’s largest copper mine,” Price said. “Four-point-seven million tonnes would be the equivalent of building another 35 Highland Valley Copper mines in just seven years.”

But it can take a decade or two to take a new mine from discovery to production. Eby said a commitment he has made to speed up permitting for housing should also speed things up for resource industries like exploration and mining as well.

“For decades, our province has had a slow and complicated permitting process system,” Eby said.

The province is investing in new staff to work in permitting and to streamline the system.

“I want you to know these same investments have impacts on your industry as well,” Eby said.

Eby also said he has asked his new energy and mines minister, Josie Osborne, to expedite a provincial critical minerals strategy.

Eby warned that the political landscape is changing, as a result of government commitments to reconciliation with First Nations. For one thing, the Mineral Tenure Act is likely going to have to be amended as a result of what Eby called “a very serious legal challenge” by First Nations.

First Nations pressing for changes to the act want to be notified when anyone files a mineral claim in their traditional territory. That has created some concerns for prospectors who consider mineral claims a form of intellectual property, and therefore like to keep claims secret.

“I want to assure you that our government is committed to finding a way forward to address this issue,” Eby said. “We will be engaging with you as an industry to make sure that the regime works for you. But we will also be doing it in partnership with First Nations in our province.”

The NDP government has recently struck agreements with First Nations that essentially make them co-regulators. A consent based decision making framework developed with the Tahltan First Nation last year is one example. Expect to see more such agreements going forward, Eby said.

He urged prospectors and exploration companies to work with First Nations to gain their consent when doing exploration and prospecting in their traditional territories.

“The very first contact that nations have around economic development or a particular proposal in their community is your industry,” Eby said. “You set the tone. So if it’s a constructive and collaborative tone at the beginning, that leads to greater success down the road with mine development.”

 

© 2023 Western Investor



B.C. had record spending on exploration in 2022


B.C. saw a record $740M spent on mineral exploration in 2022

Nelson Bennett
Western Investor

Mineral production in B.C. totalled $18 billion last year, also a new record

Teck Resources’ Highland Valley Copper mine near Logan Lake, about 50 minutes southwest of Kamloops, is the largest copper mine in Canada.KTW

British Columbia had record spending on mineral exploration in 2022 and there are eight new mines or mine expansions in the queue, Premier David Eby said Monday at the opening of the Association of Mineral Exploration (AME) Roundup conference in Vancouver.

Eby said there was $740 million spent on mineral exploration in B.C. in 2022 – a record – and mineral production in B.C. is also expected to be a record: $18.2 billion.

That’s a $4.3 billion increase over 2021. That increase in value over 2021 was largely due to high metallurgical coal prices, said Gordon Clarke of the BC Geological Survey’s development office. Steelmaking coal prices hit a high of US$670 per tonne last year, and remains relatively high at close to US$300 per tonne.

B.C. has seven operating metallurgical coal mines.

Eby said there was an 84% increase in copper exploration in 2022, much of that concentrated in northwest B.C. in the so-called Golden Triangle.

Copper is among the critical minerals identified in Canada’s new federal Critical Minerals Strategy as key to both the digital economy and the energy transition, and it’s one mineral B.C. has in relative abundance. B.C. is Canada’s biggest copper producer.

Jonathan Price, new CEO for Teck Resources (TSX:TECK.B), which operates the Highland Valley Copper mine, said the estimated global demand for copper will grow by 4.7 million tonnes by 2030, thanks to the increased demand from the energy transition and greater urbanization.

“To put that into perspective, Teck’s Highland Valley Copper mine here in B.C. is Canada’s largest copper mine,” Price said. “Four-point-seven million tonnes would be the equivalent of building another 35 Highland Valley Copper mines in just seven years.”

But it can take a decade or two to take a new mine from discovery to production. Eby said a commitment he has made to speed up permitting for housing should also speed things up for resource industries like exploration and mining as well.

“For decades, our province has had a slow and complicated permitting process system,” Eby said.

The province is investing in new staff to work in permitting and to streamline the system.

“I want you to know these same investments have impacts on your industry as well,” Eby said.

Eby also said he has asked his new energy and mines minister, Josie Osborne, to expedite a provincial critical minerals strategy.

Eby warned that the political landscape is changing, as a result of government commitments to reconciliation with First Nations. For one thing, the Mineral Tenure Act is likely going to have to be amended as a result of what Eby called “a very serious legal challenge” by First Nations.

First Nations pressing for changes to the act want to be notified when anyone files a mineral claim in their traditional territory. That has created some concerns for prospectors who consider mineral claims a form of intellectual property, and therefore like to keep claims secret.

“I want to assure you that our government is committed to finding a way forward to address this issue,” Eby said. “We will be engaging with you as an industry to make sure that the regime works for you. But we will also be doing it in partnership with First Nations in our province.”

The NDP government has recently struck agreements with First Nations that essentially make them co-regulators. A consent based decision making framework developed with the Tahltan First Nation last year is one example. Expect to see more such agreements going forward, Eby said.

He urged prospectors and exploration companies to work with First Nations to gain their consent when doing exploration and prospecting in their traditional territories.

“The very first contact that nations have around economic development or a particular proposal in their community is your industry,” Eby said. “You set the tone. So if it’s a constructive and collaborative tone at the beginning, that leads to greater success down the road with mine development.”

 

© 2023 Western Investor



Vancouver property owners can now start make their EHT property status declarations for the 2022 tax year


Vancouver Empty Homes Tax 2022 declarations open

REBGV Staff
REBGV

At a glance: (2 minute read)

  • Vancouver property owners can now make their Empty Homes Tax status declaration.
  • All owners need to make the declaration, even if they live in the home.
  • Declarations are due by Feb 2, 2023.

Vancouver property owners can now start making their Empty Homes Tax (EHT) property status declarations for the 2022 tax year.

All residential property owners are required to complete a declaration every year, even if they live in their property or rent it out.

Over the coming weeks, declaration instructions are being mailed to property owners along with their advance property tax notice. Owners who have signed up to receive eBills will also receive their notice direct to their email inbox.

Declarations are due by February 2, 2023. 

Current tax rate three per cent

Properties declared or deemed vacant in the 2022 tax year will be taxed at a rate of three per cent of the property’s 2022 assessed taxable value. 

2023 tax rate five per cent

The rate for the 2023 tax year will increase to five per cent.

Declare online at vancouver.ca/eht-declare. Need help? Chat live with an advisor on the city’s website, or call 311.

Property owners can sign up for an online services account and opt to receive tax notices by email. They can also check their account balances, and access other important tax information at Vancouver.ca. 

Late declarations for 2021

Owners who failed to declare their property status for the 2021 tax year have until July 5, 2023 to make a late declaration in the form of a Notice of Complaint. A $250 bylaw fine applies to late declarations.

Speculation and Vacancy Tax

The City of Vancouver’s EHT is separate from the provincial government’s Speculation and Vacancy Tax. For more information about the province’s tax, visit gov.bc.ca/spectax. 

 

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Fed announces a joint investment $3M to support the development of new affordable housing in Toronto


Toronto housing supply gets another boost from governments

Ephraim Vecina
CMP

New housing complex to offer units for in-need Torontonians

Federal and local governments have announced a joint investment of nearly $3 million to support the development of new affordable housing supply in Toronto.

The custom-designed building, which is situated at 130 River Street, will be owned and operated by L’Arche Toronto Homes.

The housing complex consists of two suites offering single-occupancy rooms, all intended for individuals with intellectual disabilities. The project also includes affordable housing for low-income live-in assistants.

“The project aims to provide safe, accessible, and intentional living accommodations and a barrier-free and inclusive environment,” according to the Canada Mortgage and Housing Corporation.

“This affordable, fully accessible and barrier-free home, in a specially designed condominium unit, will allow us to welcome new members who have physical and other disabilities,” added Raphael Arens, executive director of L’Arche Toronto Homes. “As well, individuals will have the opportunity to age ‘in place’ longer with opportunities for personal growth and be actively involved in the community surrounded by a complete circle of support.”

Work on the building is nearing completion, and it is expected to begin operations in April 2023.

 

Copyright © 1996-2023 KM Business Information Canada Ltd.



Housing market in 2022 generally outperformed expectations both in terms of sales and price growth | CREB


How did the Calgary housing market defy national trends?

Ephraim Vecina
CMP

Regional housing industry group highlights the market’s strengths

In a stark reversal from the deceleration trends seen in most Canadian markets, the Calgary housing market registered elevated sales and double-digit price growth in 2022, according to new data from the region’s housing industry group.

“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” said Ann-Marie Lurie, chief economist at the Calgary Real Estate Board. “However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city.”

Even a sales slowdown during the second half of the year was not enough to negate that year’s overall gains. Calgary saw a record-breaking total of 29,672 residential transactions in 2022, CREB reported.

How expensive are homes in Calgary now?

“At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year,” Lurie added.

As of December, the region had 2,214 units available in inventory, marking its lowest level for December in over a decade, the board said.

Benchmark prices stood at $518,800 in December, representing a decline of nearly 5% from the peak seen in May 2022 but almost 8% higher on an annual basis.

“The housing market in 2022 generally outperformed expectations both in terms of sales and price growth,” CREB said.

 

Copyright © 1996-2023 KM Business Information Canada Ltd.